DAK Associates, Inc.

Current societal trends indicate that by the year 2042, Americans who identify themselves as a minority - that is, Black, Hispanic, Asian, American Indian, Native Hawaiian and Pacific Islander - will out-number whites. An ever-growing multi-cultural population calls for an equally diverse workforce. Even so, representation for minorities in the financial services industry falls short.

While the industry has made great organic strides in the last ten years, there are still fewer minorities employed in exempt positions in financial services than in the general population, particularly in the executive suite. Why is this? Perhaps because it is difficult to "re-purpose" executives from other industries due to specific licensing (FINRA) and industry preferred designations (CFA). The answer is to plant seeds - populate the industry with interns who will in time blossom into the next generation of leaders.

The Gateway to Leadership Program is a joint initiative between The National Association for the Advancement of Colored People (NAACP) and The Money Management Institute (MMI) aimed at offering top students a chance to excel and progress in the financial services industry. Created in 2007, the program has delivered over 53 qualified interns to approximately 17 key Wall Street firms. Working with individuals from a select group of historically black colleges and universities, the goal of the program is to prepare students for leadership roles in the financial services industry, as well as providing career long counseling and guidance to foster growth and success.

DAK Associates has long recognized and acted upon the need for a more multi-cultural environment within the financial services industry, and actively supports The Gateway to Leadership Program in its initiative to increase diversity in this field. We at DAK recommend our clients assist on the pathway to success for African American and minority students in the financial services industry, by considering internships through the Gateway to Leadership Program. DAK's President Dan Kreuter is a member of the Gateway's Advisory Counsel, offering guidance and business resources to the program.

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